SQUARE THINGS LIMITED

💤Zombieactive

SC237739 · ltd · incorporated 2002-10-04

Investment thesis

Zombie company — trading but stalled; unlikely mover.

Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.

Why risky: No growth signal; thin margin for error on price.

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Mar 2025

Net worth

£31.4k

book net assets

Opportunity

82/100

Exceptional

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What this business does

Primary activity: Other retail sale of new goods in specialised stores (other than commercial art galleries and opticians)

Sector: Wholesale & retail

Investor take

Pursue

Asset-holding vehicle with a 72-year-old founder — textbook succession opportunity.

Opportunity 82/100 (exceptional), bankability 85/100. Strong seller-intent signal (93/100, director aged 72). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Broaden director team. Sole director creates succession risk and reduces buyer comfort. Appoint a second director or strong #2. Most likely exit: share sale to pe / searcher (73/100).

🏦

Refinance opportunity

2 live charges · oldest 17.2y

45/100

under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

· Oldest live charge is 17.2 years old — likely at or near maturity.
· Single lender — cleanest path to refinance.
· Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (78/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile

address, 1 SIC codes, incorporation date

100

Financials

2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed

Lenders & charges

2 charges (2/2 with lender, 2/2 with type)

Directors & officers

6 officers (2 active, 6 linked, 2 with DOB)

Ownership & PSC

2 active PSC(s) of 2 total, 2 with control declared

Director network

1 connected companies via shared directors

Filing history

68 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

82/100Exceptional

PassWatchWorth a lookStrongExceptional

Strong composite across quality, acquirability, and risk. High-priority target — progress to serious diligence.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Few red flags.

Signal strength

100

Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 105 (micro)

Positive net assets

Net assets £31,366

Net assets shrinking

Down £7,180 YoY

Key financials

2 years extracted from filed iXBRL accounts

Cash

—

Net Worth

£31k

↓ 19% YoY

Current Assets

£6k

↓ 59% YoY

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 105 (micro)

Metric	2025-03-31	2024-03-31
Total assets	£31.4k	£38.5k
Current assets	£6.4k	£15.4k
Net assets	£31.4k	£38.5k

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days

filings

Last 90 days

filings

Last 180 days

filing

• 1 accounts

Counts from Companies House filing history.

Corporate timeline (30 events)Click to expand

2025-12-12
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2024-12-27
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2024-03-30
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2023-03-27
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2022-04-29
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2021-03-24
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2019-12-18
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2019-04-02
📄
gazette-filings-brought-up-to-date
gazette · DISS40
2019-03-30
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2019-02-26
📄
gazette-notice-compulsory
gazette · GAZ1
2017-12-29
📄
accounts-with-accounts-type-micro-entity
accounts · AA
2016-12-23
📄
accounts-with-accounts-type-total-exemption-small
accounts · AA
2016-04-08
📄
mortgage-satisfy-charge-full
mortgage · MR04
2016-04-08
🔓
Charge satisfied #2
2015-12-26
📄
accounts-with-accounts-type-total-exemption-small
accounts · AA
2015-10-28
📄
annual-return-company-with-made-up-date-full-list-shareholders
annual-return · AR01
2012-05-04
🔓
Charge satisfied #1
2009-04-27
🔒
Charge registered #2
Lender: Royal Bank of Scotland PLC
2009-02-27
🔒
Charge registered #1
Lender: Royal Bank of Scotland PLC
2004-05-31
➕
MACDONALD, Clancy appointed
secretary
2004-05-31
➖
DYTCH, Andrew Martin resigned
secretary
2004-05-31
➖
DYTCH, Andrew Martin resigned
director
2002-10-21
➕
MACDONALD, Steven Malcolm appointed
director
2002-10-21
➕
DYTCH, Andrew Martin appointed
secretary
2002-10-21
➖
PF & S (SECRETARIES) LIMITED resigned
corporate-secretary
2002-10-21
➕
DYTCH, Andrew Martin appointed
director
2002-10-21
➖
PF & S (DIRECTORS) LIMITED resigned
corporate-director
2002-10-04
🏢
Company incorporated
As SQUARE THINGS LIMITED
2002-10-04
➕
PF & S (SECRETARIES) LIMITED appointed
corporate-secretary
2002-10-04
➕
PF & S (DIRECTORS) LIMITED appointed
corporate-director

Owner dependency

100/100

Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS

+Sole director: Only one active director — all governance concentrated on one person.
+Long-tenure founder: Senior director has been in place 24 years — deep operational knowledge concentrated in one person.
+Founder age: Director aged approximately 72 — succession pressure is live.

Succession & seller-readiness

100/100

Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS

primaryFounder aged 70+: Senior director is approximately 72 years old. Natural succession window is now.
primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
primary20+ year tenure: Director in role 24 years. Very long tenure is a classic succession signal.
secondaryStable-but-static management: Company is 24 years old and no new directors in the last 3 years — succession not yet being planned internally.
supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

clean

No red flags detected from available public data. (This is not a clean bill of health — detailed accounts review still recommended.)

Shareholders & ownership

2 active beneficial owners

Name	Shares	Voting rights	Nature of control	Notified
Clancy Macdonald Individual · British · DOB 04/1963 · age 63	25–50%	25–50%	25-50% shares · 25-50% voting	06/04/2016
Steven Malcolm Macdonald Individual · British · DOB 01/1954 · age 72	25–50%	25–50%	25-50% shares · 25-50% voting	06/04/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

Similar companies

Active · Retail · IV postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
SKYE'S FINISHING TOUCHES LTD→ SC374899 · est 2010 · no financials extracted	—	—	—	—	16y	—	—
SOUTH QUEENSFERRY HEALTHCARE LIMITED→ SC786565 · est 2023 · no financials extracted	—	—	—	—	2y	—	—
SPEYSIDE ECO-HEAT LIMITED→ SC418480 · est 2012 · no financials extracted	—	—	—	—	14y	—	—
STUFF'D UP LTD→ SC859379 · est 2025 · no financials extracted	—	—	—	—	—	—	—
SUMMIT STRIDE LTD→ SC872021 · est 2025 · no financials extracted	—	—	—	—	—	—	—
TESTME HEALTH LTD→ SC861611 · est 2025 · no financials extracted	—	—	—	—	—	—	—
THE BAKEHOUSE COLLECTIVE LIMITED→ SC796678 · est 2024 · no financials extracted	—	—	—	—	2y	—	—
THE GLENELG SHOP (SCOTLAND) LIMITED→ SC737473 · est 2022 · no financials extracted	—	—	—	—	3y	—	—
THE GRAND WHISKY AUCTION LIMITED→ SC612333 · est 2018 · no financials extracted	—	—	—	—	7y	—	—
THE HIGHLAND WEIGH LTD→ SC728082 · est 2022 · no financials extracted	—	—	—	—	4y	—	—
THE LOSSIEMOUSE LTD→ SC880390 · est 2026 · no financials extracted	—	—	—	—	—	—	—
THE WALLED GARDEN TRADING COMPANY LIMITED→ SC453655 · est 2013 · no financials extracted	—	—	—	—	12y	—	—

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

8 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →

🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive

Typeltd

Incorporated2002-10-04

Jurisdictionscotland

Primary SIC47789 — Other retail sale of new goods in specialised stores (other than commercial art galleries and opticians)

Registered office

10 Knockbreck Street

Tain

Ross Shire

IV19 1BJ

Filing status

Accounts

Next due: 2026-12-31

Last made up to: 2025-03-31

Confirmation statement

Next due: 2026-10-13

Last: 2025-09-29

Officers (2 active · 4 resigned)

MACDONALD, Clancy→

secretary · appointed 2004-05-31

View their other companies + combined net worth →

Active

MACDONALD, Steven Malcolm→

director · ~72y · appointed 2002-10-21

View their other companies + combined net worth →

Active

DYTCH, Andrew Martin→

secretary · appointed 2002-10-21 · resigned 2004-05-31

Resigned

PF & S (SECRETARIES) LIMITED→

corporate-secretary · appointed 2002-10-04 · resigned 2002-10-21

Resigned

DYTCH, Andrew Martin→

director · ~68y · appointed 2002-10-21 · resigned 2004-05-31

Resigned

PF & S (DIRECTORS) LIMITED→

corporate-director · appointed 2002-10-04 · resigned 2002-10-21

Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

Total charges

Outstanding

Active lenders

Status:Lender:2 of 2 shown

			Type	Properties
	satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Standard security	1 property	27/04/2009	08/04/2016
	satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Floating charge	1 property	27/02/2009	04/05/2012